The global Oilfield Stimulation Chemicals Market Growth Accelerated by increasing offshore exploration activities

 

The oilfield stimulation chemicals are essential components used in hydraulic fracturing and matrix acidizing processes to increase or restore oil and gas production wells. The chemicals enhance the permeability of oil and gas wells by creating micro-fractures in the rocks and dissolving carbonate formations. They include gelling agents, breakers, surfactants, biocides, and acids.

The global Oilfield Stimulation Chemicals Market is estimated to be valued at US$ 4.27 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing offshore exploration activities are expected to drive the growth of the oilfield stimulation chemicals market over the forecast period. Offshore oilfield operations require advanced stimulation chemicals that can withstand high pressure and temperature. Moreover, deeper offshore reservoirs have low permeability requiring enhanced stimulation. Thus, development of efficient chemicals suitable for stimulating offshore wells will support the production from mature oilfields. This is estimated to boost the demand for oilfield stimulation chemicals in the coming years.

Segment Analysis

The oilfield stimulation chemicals market can be segmented based on type and application. Based on type, the hydraulic fracturing segment accounted for the largest market share in 2022 owing to increasing demand for reliable and efficient extraction of oil and gas from reservoirs with low permeability. Hydraulic fracturing fluids require fracturing chemicals such as gelling agents, cross-linkers, breakers, surfactants, biocides and scale inhibitors which make it the dominating sub-segment and is expected to grow at a higher rate during the forecast period due to increase in shale gas exploration and production activities.

Key Takeaways

The global oilfield stimulation chemicals market is expected to witness high growth during the forecast period of 2023 to 2030. The global Oilfield Stimulation Chemicals Market is estimated to be valued at US$ 4.27 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030.

Regional analysis: North America currently dominates the global market and is expected to continue its dominance during the forecast period. This can be attributed to increasing exploration and production of shale gas in countries like the US.

Key players: Key players operating in the oilfield stimulation chemicals market are Baker Hughes, Schlumberger, Halliburton, BASF SE, Huntsman Corporation, Croda International Plc, AkzoNobel, The Dow Chemical Company, DuPont de Nemours, Inc., and Solvay. Baker Hughes and Schlumberger capture over 40% of the global market share owing to their wide product portfolio and global presence.

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